This Anthony St, Newcomb, home sold for $505,000 in July, after attracting interest from several owner occupier buyers, selling agent Ricky Forte said.
Regional property markets like Geelong are showing more resilience amid the coronavirus pandemic, new CoreLogic data shows.
The latest CoreLogic Home Value Index showed Geelong dwelling values slipped 0.5 per cent in July.
That was less than half the decline experienced in Melbourne last month, where values dipped 1.2 per cent in July and 3.2 per cent over the previous quarter.
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Geelong dwelling values were down 1.1 per cent over the past three months, to $585,350 the index shows.
The report comes on the eve of regional Victoria going back to Stage 3 restrictions on Thursday. Under those restrictions, auctions can only occur remotely and inspections can take place by private appointment only.
CoreLogic head of research Tim Lawless said regional markets were generally showing more resilience to falling values, with regional Victoria one of two to record a fall over the month.
Mr Lawless said housing markets had remained relatively resilient through the pandemic.
CoreLogic head of research, Tim Lawless.
“The impact from COVID-19 on housing values has been orderly to date,” Mr Lawless said.
“With CoreLogic’s national index falling only 1.6 per cent since the recent high in April … housing turnover has recovered quickly after its sharp fall in late March and April.
“Record low interest rates, government support and loan repayment holidays for distressed borrowers have helped to insulate the housing market from a more significant downturn.”
McGrath Geelong agent Ricky Forte said owner-occupiers were driving the market, with increased competition for properties.
Mr Forte said of 30 sales he had handled in the past three months, 28 were sold to owner-occupiers, with the vast majority local buyers.
He said record low interest rates and government incentives — like the stamp duty waiver for first-home buyers — was helping buyers who had job security.
Dale Whitford said a lower volume of properties on the market was helping competition. Picture: Peter Ristevski
But Mr Forte said some buyers had been faced with challenges, like recipients of JobKeeper losing finance pre-approval.
“Buyers were hoping to sense a lack of competition,” he said.
“There is only so much the governments and the banks can do, ultimately people have to come out and look at property.”
Whitford Newtown agent Dale Whitford said a lower volume of listings was increasing competition, especially for higher-end properties — around $1m to more than $2m — although the amount of sales had rebounded.
“There is a volume of buyers, but sellers can maybe expect a slightly longer sale period,” Mr Whitford said.
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